KPMG releases 2021 digital channel scorecard for retail banks

One of the big four Professional Services Firms, KPMG has released the 2021 Digital Channels Scorecard for leading retail banks in Africa yesterday via a Zoom virtual meeting.

The KPMG Digital Channels Scorecard publication unveils in-depth insights on the state of user experience at 26 leading retail banks across Africa.

Speaking on the development, Partner and Lead, Digital Transformation, KPMG, Boye Ademola disclosed that Customers no longer view their experiences in an industry silo.

Boye explained that customers expect banks to focus on creating experiences that are functional, responsive, intuitive, and delightful.

He noted that the window of opportunity to attain experience maturity levels demanded by today’s customers may be closing faster than imagined for retail banks as Fintechs and Neo-banks begin to scale on the continent.

The Partner, therefore, advocated that retail banks would need to be more intentional with product design, journey optimization, data analytics and building resilient digital channels in order to attain these experience maturity levels.

“Customers no longer view their experiences in an industry silo. They expect banks to focus on creating experiences that are functional, responsive, intuitive, and delightful.

“As Fintechs and Neo-banks begin to scale on the continent, the window of opportunity to attain experience maturity levels demanded by today’s customers may be closing faster than imagined for retail banks.

“To attain these experience maturity levels, retail banks will need to be more intentional with product design, journey optimization, data analytics and building resilient digital channels.”

Meanwhile, he explained that the Scorecard provides an industry perspective of how banks across the continent deliver the experience demanded by a new generation of consumers many of whom are digital natives.

Boye stated that the scorecard measures the quality of user experience (UX) as customers traverse a range of journeys to access products and services on four (4) distinct digital channels—Mobile banking, Internet banking, USSD, and Chatbot.

“The scorecard provides an industry perspective of how banks across the continent deliver the experience demanded by a new generation of consumers many of whom are digital natives.

“It measures the quality of user experience (UX) as customers traverse a range of journeys to access products and services on four (4) distinct digital channels—Mobile banking, Internet banking, USSD, and Chatbot. The Scorecard covers 12 anchor journeys grouped into five (5) thematic areas: Digital Onboarding, Payments & Transfers, Self-Service, Lending and Customer Care,” he stated.

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